Telecom Italia signs $1.6 bln loan to raise liquidity before network sale

Telecom Italia (TIM) signed a 1.5-billion-euro ($1.62 billion) bridge loan to strengthen its liquidity before the closing of the planned sale of its fixed network to KKR, the phone group said on Friday.

“The transaction is aimed at covering refinancing needs until the closing date of the sale of NetCo, and has terms in line with market benchmarks,” TIM said in the statement.

The loan has a maturity of 18 months and the bookrunners are BNP Paribas, Credit Agricole CIB, Deutsche Bank, J.P. Morgan, Santander e Unicredit.